By otakuyassine3@gmail.com 
Methanex Co. (NASDAQ:MEOH – Get Free Report) (TSE:MX) was the target of a large drop in short interest in the month of December. As of December 15th, there was short interest totalling 623,100 shares, a drop of 20.9% from the November 30th total of 787,600 shares. Based on an average daily trading volume, of 318,300 shares, the days-to-cover ratio is presently 2.0 days. Currently, 0.9% of the shares of the stock are short sold.
Methanex Price Performance
Methanex stock traded up $0.39 during mid-day trading on Monday, hitting $49.39. 424,532 shares of the company were exchanged, compared to its average volume of 303,803. The company has a debt-to-equity ratio of 0.79, a current ratio of 1.34 and a quick ratio of 1.01. The company has a market capitalization of $3.33 billion, a P/E ratio of 23.08 and a beta of 1.40. Methanex has a 12-month low of $36.13 and a 12-month high of $56.43. The business’s 50 day simple moving average is $44.47 and its two-hundred day simple moving average is $44.72.
Methanex Announces Dividend
The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Tuesday, December 17th will be issued a dividend of $0.185 per share. The ex-dividend date of this dividend is Tuesday, December 17th. This represents a $0.74 dividend on an annualized basis and a dividend yield of 1.50%. Methanex’s dividend payout ratio (DPR) is presently 34.58%.
Analysts Set New Price Targets
Several equities research analysts have commented on the stock. Royal Bank of Canada restated a “sector perform” rating and set a $55.00 target price on shares of Methanex in a research report on Tuesday, September 3rd. StockNews.com raised shares of Methanex from a “hold” rating to a “buy” rating in a report on Friday, November 8th. Cibc World Mkts raised shares of Methanex from a “hold” rating to a “strong-buy” rating in a report on Tuesday, December 10th. Piper Sandler boosted their price target on Methanex from $68.00 to $71.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 19th. Finally, Barclays raised their price objective on Methanex from $44.00 to $46.00 and gave the company an “equal weight” rating in a research note on Monday, November 11th. Two investment analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Methanex has an average rating of “Moderate Buy” and a consensus target price of $57.25.
Check Out Our Latest Stock Analysis on Methanex
Hedge Funds Weigh In On Methanex
Institutional investors and hedge funds have recently modified their holdings of the company. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of Methanex by 24.7% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 14,664 shares of the specialty chemicals company’s stock worth $708,000 after purchasing an additional 2,902 shares during the period. CIBC Asset Management Inc boosted its stake in Methanex by 7.7% in the 2nd quarter. CIBC Asset Management Inc now owns 83,699 shares of the specialty chemicals company’s stock worth $4,038,000 after buying an additional 5,963 shares during the last quarter. TD Asset Management Inc grew its holdings in Methanex by 25.7% in the 2nd quarter. TD Asset Management Inc now owns 463,795 shares of the specialty chemicals company’s stock valued at $22,387,000 after buying an additional 94,899 shares during the period. AGF Management Ltd. increased its stake in shares of Methanex by 2.2% during the 2nd quarter. AGF Management Ltd. now owns 129,857 shares of the specialty chemicals company’s stock valued at $6,270,000 after acquiring an additional 2,802 shares during the last quarter. Finally, Oppenheimer & Co. Inc. purchased a new position in shares of Methanex during the 2nd quarter worth about $5,971,000. Hedge funds and other institutional investors own 73.49% of the company’s stock.
Methanex Company Profile
Methanex Corporation produces and supplies methanol in China, Europe, the United States, South America, South Korea, Canada, and Asia. The company also purchases methanol produced by others under methanol offtake contracts and on the spot market. In addition, it owns and leases storage and terminal facilities.
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